This table shows the Annual
Average Crude Oil Prices from 1960
to the present in U.S. Dollars per Barrel.
Prices shown in the left column are nominal (real dollar) and the right
column shows prices adjusted for inflation to December 2005 prices using the CPI-U.
Note: Since these are ANNUAL Averages
and do not show the absolute peak price.
Prices shown will differ slightly from the Monthly Averages Oil
Price Data in Chart Form
|
Annual Average
Crude Oil Prices
1960 - Present
U.S.
Average (in $/bbl.)
|
|
Year
|
Ave
Annual Nominal Price
|
Ave Annual Inflation
Adj. Price
|
|
1960
|
$2.91
|
$19.38
|
|
1961
|
$2.85
|
$18.76
|
|
1962
|
$2.85
|
$18.54
|
|
1963
|
$2.91
|
$18.71
|
|
1964
|
$3.00
|
$19.04
|
|
1965
|
$3.01
|
$18.79
|
|
1966
|
$3.10
|
$18.80
|
|
1967
|
$3.12
|
$18.41
|
|
1968
|
$3.18
|
$17.97
|
|
1969
|
$3.32
|
$17.82
|
|
1970
|
$3.39
|
$17.19
|
|
1971
|
$3.60
|
$17.50
|
|
1972
|
$2.85
|
$18.76
|
|
1973
|
$4.75
|
$20.88
|
|
1974
|
$9.35
|
$37.26
|
|
1975
|
$12.21
|
$44.63
|
|
1976
|
$13.10
|
$45.31
|
|
1977
|
$14.40
|
$46.74
|
|
1978
|
$14.95
|
$45.13
|
|
1979
|
$25.10
|
$67.42
|
|
1980
|
$37.42
|
$89.48
|
|
1981
|
$35.75
|
$77.49
|
|
1982
|
$31.83
|
$64.96
|
|
1983
|
$29.08
|
$57.48
|
|
1984
|
$28.75
|
$54.48
|
|
1985
|
$26.92
|
$49.25
|
|
1986
|
$14.44
|
$25.92
|
|
1987
|
$17.75
|
$30.74
|
|
1988
|
$14.87
|
$24.78
|
|
1989
|
$18.33
|
$29.09
|
|
1990
|
$23.19
|
$34.83
|
|
1991
|
$20.20
|
$29.19
|
|
1992
|
$19.25
|
$27.00
|
|
1993
|
$16.75
|
$22.83
|
|
1994
|
$15.66
|
$20.79
|
|
1995
|
$16.75
|
$21.64
|
|
1996
|
$20.46
|
$25.66
|
|
1997
|
$18.64
|
$22.86
|
|
1998
|
$11.91
|
$14.38
|
|
1999
|
$16.56
|
$19.52
|
|
2000
|
$27.39
|
$31.29
|
|
2001
|
$23.00
|
$25.57
|
|
2002
|
$22.81
|
$24.94
|
|
2003
|
$27.69
|
$29.63
|
|
2004
|
$37.66
|
$39.21
|
|
2005
|
$50.04
|
$50.38
|
|
2006
partial
|
$59.44
|
$60.10
|
|
Source US DOE/ www.economagic.com and
www.ioga.com
|
|